All Forum Posts by: Brian Pinckard

@Norman Phengvath I put in a HELOC application with PenFed about 2 or 3 weeks ago. Finally called them to find out what was going on and found out nothing had been going on. For some reason my application was just sitting there. Not impressed.

As others have said PenFed will do 2nd position HELOCs on investment properties but if you own 4 or more properties they will not approve the application.  

Does anyone know if the Quicken Online version (or another platform) allows you to take a picture of a receipt with a mobile device and file the receipt in the proper account and category?  I've spent a ridiculous amount of time on receipt tracking in 2018 and really haven't done a good job of it.  My ultimate goal in 2019 is to reduce paper and to be able to take pictures of my receipts at time of purchase and file them immediately. 

Does anyone know if the Quicken Online version (or another platform) allows you to take a picture of a receipt with a mobile device and file the receipt in the proper account and category?  I've spent a ridiculous amount of time on receipt tracking in 2018 and really haven't done a good job of it.  My ultimate goal in 2019 is to reduce paper and to be able to take pictures of my receipts at time of purchase and file them immediately. 

@John Voychick,

I'm starting a BRRRR cash refi process now (my 6 month ownership mark is in about 3 weeks) and getting similar estimates. My total closing fee is slightly lower at about $3,000 but I've been quoted %5.65 so I like your deal a better.

Brian

I've been using Mint and Personal Capital for about 6 months.  I've found Personal Capital to be a little better with connecting to my various accounts.  I haven't been real pleased with the dashboard of either but I'd give the edge to Personal Capital.  One thing I was hoping to find in a Wealth tracker was the ability to print a report that I could then include in a loan application.  Does anyone have any ideas for a tracker that would solve this need?

I've heard in the new tax bill that HELOCs and Home Equity loan interest in not tax deductible.  Also heard that it may be in certain situations.  Can we get a clarification on that?

Thanks @Jeff Kehl.  That's real helpful.  I asked the owner about seller financing but she wasn't interested.  I think I'll readdress that avenue with them.  She probably hears seller financing and thinks she won't see all her money for 30 years whereas it could be a real useful tool for them in how we set up the balloon payments.

Thanks @Joel Owens.  Definitely mom and pop type tenants and older building.  The sellers occupy two of the units and are just looking to get out of the landlord business and perhaps take a 1/2 step toward retirement.  They've expressed interest in a long term lease as well as the occupant of a third unit.  You bring up a good point though in regards to how solid the businesses are and just because you have a ten year lease doesn't guarantee 10 years of payment.  They seem solid and well respected businesses on the surface.

For you and others reading, I'm used to the residential side where you look at the property, write up the contract, and then parties sign or negotiate.  On the commercial side is it true to assume you negotiate , verbally or written, before putting things down on paper?  Seems like that would be the more logical way of doing things with all the variables in commercial deals.

@Paul Smythe, thanks for your response Paul.  Those are actually annual expenses.  

@Jason Ray Richardson, I just started a thread "Advice or Opinion on First Commercial deal".  Deal sound remarkably similar to yours.  Message me if you want to discuss anything off line.  I'm learning as I go on this one.